Hello dear friends, I hope you are all well.
Important note: First, read the previous analysis I shared on Solana, then proceed to this analysis.
For several reasons, I see Solana as bearish:
1. Thankfully, the previous wave count analysis was correct (meaning it completed the 5 main Elliott waves and then entered the corrective phase).
One thing I realized today is this:
In the previous analysis, I did the wave count in the weekly time frame, but I shared the roadmap and type of decline in the 4-hour time frame.
When I look at the chart in the weekly time frame, this deep correction is only wave A, and we are now in the structure of wave B.
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The higher wave B goes, the less the decline of wave C will be.
For example, if the end of wave B is around $183, the decline of wave C will be between $89 and $63.
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In the Solana dominance chart (SOL.D), the period from June 7 to June 17 is the most important time area.
It is likely that during this period, Solana's dominance will undergo a change.
Structurally, I see nothing but a repetitive Elliott cycle.
--------------
In the RSI indicator (SOL.D), the main weekly trend has broken, and we are heading towards a pullback decline.
If there is any change in the chart structure, the analysis will be updated.
If I identify a precise bearish pattern or timing, I will update the analysis.
Thank you for taking the time to read.
I hope you have profitable trades.
Important note: First, read the previous analysis I shared on Solana, then proceed to this analysis.
For several reasons, I see Solana as bearish:
1. Thankfully, the previous wave count analysis was correct (meaning it completed the 5 main Elliott waves and then entered the corrective phase).
One thing I realized today is this:
In the previous analysis, I did the wave count in the weekly time frame, but I shared the roadmap and type of decline in the 4-hour time frame.
When I look at the chart in the weekly time frame, this deep correction is only wave A, and we are now in the structure of wave B.
--------------
The higher wave B goes, the less the decline of wave C will be.
For example, if the end of wave B is around $183, the decline of wave C will be between $89 and $63.
--------------
In the Solana dominance chart (SOL.D), the period from June 7 to June 17 is the most important time area.
It is likely that during this period, Solana's dominance will undergo a change.
Structurally, I see nothing but a repetitive Elliott cycle.
--------------
In the RSI indicator (SOL.D), the main weekly trend has broken, and we are heading towards a pullback decline.
If there is any change in the chart structure, the analysis will be updated.
If I identify a precise bearish pattern or timing, I will update the analysis.
Thank you for taking the time to read.
I hope you have profitable trades.
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Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.